DSIJ Mindshare

Market Likely To Open Flat To Positive

Indian equities market made some strong gains on the day of July series F&O expiry after the Cabinet approved amendments to the GST bill, raising hopes of its passage in Parliament. Stronger-than-expected earnings outcome from key big players and overnight Fed decision to keep its benchmark interest rate unchanged further supported the upmove. The Nifty closed July series below the 8450 level. The Nifty was at 8421.80, up 46.75 points or 0.6%. The Sensex gained 141.92 points or 0.5% at 27705.35. Both Midcap and Smallcap indices outperformed. The mid-cap and small cap sectors ended up around 0.79% and 0.90% respectively.

U.S. stocks ended the trading day little changed Thursday as investors focused on the latest batch of corporate earnings and new data showed that the economy grew more quickly in the second quarter. The Commerce Department said Thursday that U.S. economic output in the second quarter expanded at an annual rate of 2.3%. The Dow industrials ended the day down 5.41 points, or 0.03%, at 17745.98. The S&P 500 added 0.06 point to 2108.63, while the Nasdaq Composite Index rose 17.05 points, or 0.3%, to 5128.78.

Oil prices slipped Thursday, erasing early gains as the dollar strengthened. WTI crude for September delivery settled down 27 cents, or 0.6%, at USD 48.52 a barrel on the New York Mercantile Exchange. Brent crude fell 7 cents, or 0.1%, to USD 53.31 a barrel on ICE Futures Europe.

European stocks closed higher on Thursday after an onslaught of earnings. The pan-European Stoxx 600 closed up 0.6%, despite earlier session volatility. London's benchmark FTSE 100 index gained 0.6% to finish at 6,668.87 points. In the eurozone, the CAC 40 in Paris rose 0.6% to end the day at 5,046.42 points, while Frankfurt's DAX 30 gained 0.4% to close at 11,257.15 points. However, Spain's IBEX 35 bucked the trend, finishing in the red, down around 1%.

Asian equities opened mixed on Friday but were on track for a weekly loss. The dollar maintained gains as speculation firms over the timing for U.S. rate increases. Japan’s Topix index increased 0.5% and Australian shares gained 0.29%. The Shanghai Composite Index lost 1.25%. South Korea's Kospi index sheds 0.5% to extend Thursday's near 1% plunge, hovering at a three-week low.

A SGX CNX Nifty Index future for July delivery was up 15.5 points at 8,488. Indian markets likely to open flat to positive. Aarti Drugs, Apcotex Ind, Archies, Cesc, Elgi Equipments, Force Motors, Godfrey Phillips, ICICI Bank, L&T, Shriram Transport Finance, Sun Tv, Tata Global and Titan would be reporting first quarter earnings today.

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